IRCON International Ltd was in focus on Tuesday after a joint venture involving the company secured a ₹763.10 crore contract for the Agartala Smart Grid Project.
The contract has been awarded by Tripura State Electricity Corporation Limited (TSECL) to the joint venture of IRCON International and Badri Rai & Company (BRC). The project, designated as Package-A, has an execution period of 24 months.
With a market capitalisation of ₹12,857 crore, IRCON shares were trading around ₹137 apiece, about 34 percent below their 52-week high of ₹208. The stock trades at a P/E ratio of 21.5, compared with the industry average of 17.8.
Contract structure
Under the joint venture arrangement:
- Badri Rai & Company (BRC) holds a 74 percent share.
- BRC’s portion is valued at ₹564.70 crore.
- IRCON International holds the remaining 26 percent stake.
- IRCON’s share of the contract is worth ₹198.41 crore.
Scope of the project
The contract involves the development of an underground power distribution network for both high-tension (HT) and low-tension (LT) systems in Agartala.
Work under the project includes:
- Design and engineering
- Manufacturing and testing
- Supply and installation
- Commissioning and final delivery
The project also covers deployment of several smart grid technologies, including:
- SCADA
- Advanced Distribution Management System (ADMS)
- Outage Management System (OMS)
- GIS mapping and integration
- Underground optical fibre communication (OFC) network
Integration with third-party platforms will also be carried out. These include:
- Billing systems
- ERP platforms
- Customer Information System (CIS)
Control centre and maintenance
The scope of work extends beyond infrastructure construction.
It includes:
- Establishment of a primary and backup Smart Grid Control Centre
- Implementation of Distribution Network Automation (DNA)
- Facility management services
- Operations and maintenance after commissioning
The project provides execution visibility over the next two years and expands IRCON’s presence in technology-driven power distribution infrastructure.
Order book position
As of March 31, 2026, IRCON International had an order book of ₹24,984 crore.
Its order mix comprised:
- 78 percent from railways
- 16 percent from highways
- 6 percent from other segments
Domestic projects accounted for 92 percent of the order book, while international projects made up the rest.
Financial performance
Year-on-year
- Revenue from operations fell from ₹3,412 crore to ₹3,189 crore, down 6.5 percent.
- Operating profit rose from ₹254 crore to ₹267 crore, up 5 percent.
- Net profit declined from ₹212 crore to ₹191 crore, a drop of 10 percent.
Quarter-on-quarter
- Revenue increased from ₹2,119 crore to ₹3,189 crore, up 50 percent.
- Operating profit rose from ₹158 crore to ₹267 crore, up 69 percent.
- Net profit climbed from ₹100 crore to ₹191 crore, an increase of 91 percent.
About the company
IRCON International is an infrastructure construction company with operations in railways and related engineering projects.
The company has completed:
- 405 domestic projects
- 130 international projects
- 5,740 TKM of railway track
- 7,012 km of roads and highways
- 166 km of tunnels
- 10,669 RKM of railway electrification
- 1.59 million sq. m. of buildings
- 177 bridges
TL;DR:
IRCON International’s joint venture with Badri Rai & Company has secured a ₹763.10 crore Agartala Smart Grid Project from TSECL. IRCON’s share in the contract is ₹198.41 crore, and the project is scheduled to be executed over 24 months.
AI summary:
- IRCON-BRC JV won a ₹763.10 crore contract from TSECL.
- IRCON’s share of the project is valued at ₹198.41 crore.
- The project includes underground power networks and smart grid systems.
- Execution is scheduled over 24 months.
- IRCON’s order book stood at ₹24,984 crore as of March 31, 2026.
